Recession changes employee attitudes on careers

The firm’s Global Workforce Study, based on interviews with 20,000 employees in 22 markets around the world, finds that the “job for life” employment model made famous by the boomer generation is increasingly in vogue. Eighty percent of employees polled report a desire ‘go steady’ for the long-term with their employer, while 43% say they want to work for a single company for their entire career and 34% want to work for no more than two to three companies over their career span.

While this will likely be welcomed by employers as the economic recovery takes hold, Towers Watson warns that employees will be looking for a reciprocal investment in the form of learning and development opportunities in particular.

“The recession has prompted many employees to rethink their priorities and focus on a longer-term commitment to their employer in return for security and real career development,” says Ofelia Isabel, a Towers Watson leader in Canada. “The survey results tell us that what Canadians really want from their employers is the opportunity to learn and advance in their chosen professions along well-understood career paths.”

Employees cited career opportunity as the top reason to stay with an employer and the second most important factor influencing engagement on the job, following inspirational leadership. Further, respondents indicate that the potential to grow with a company is among the top four most important reasons to join an organization, along with pay, vacation and health benefits.

If you listen, they will stay
Employees are now focused on what they want and need from their employers, with 60% asking for more mentoring and 59% for more clarity on defined career paths. Unfortunately, it appears that employers are currently not listening.

Only 39% of employees think that their leaders are committed to developing employees and the talent critical to their organization’s success, and 49% feel there are no career advancement opportunities in their current roles. A further 39% believe they must leave their organization and join another in order to advance to a higher level job and more than half (55%) of Canadian employees say they are often frustrated in their current roles.

“These numbers should raise significant flags for employers who are looking to get the most from their workforce coming out of the recession,” says Keri Alletson, a consultant with Towers Watson. “There is willingness on the part of employees to make a personal investment in skills, knowledge and commitment, but it’s up to employers to equip them to act by giving them the tools and training they need to be confident and successful.”

Mission: retirement
The study reveals that competitive retirement benefits are now rated “number one” among the top attraction drivers for prospective recruits, with the lure of a better pension elsewhere cited as the second most important factor influencing their decision to leave an organization, after higher pay.

However, while 83% of respondents admit responsibility for the health of their financial future, more than half (57%) don’t feel well equipped to manage their retirement income needs. They are now looking to their employers for help.

Sixty-five percent are asking for more regular communications on rewards and benefit programs, and 62% are asking for greater simplicity on how programs are designed and administered.

“As our research shows, employees are looking to partner with their employers in fostering within each person the knowledge, skills and confidence necessary to effectively manage their careers and financial futures,” said Isabel. “The big question is, are employers ready and willing to accept the proposal?”

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